The Application Of COMI Rules In Corporate Cross-Border Insolvency

With rapid development of global economy,there has been raised more and more cross-border insolvency cases.Different states initiate several multiple parallel insolvency proceedings against the same subject based on the jurisdiction stipulated in their own laws and regulations.The key to achieve efficient insolvency lies on the coordination of these proceedings.The notion of center of main interest(COMI)was born at the moment of distinguishing the foreign main proceedings and the foreign non-main proceedings,which serves as one of the most important roles of jurisdiction in cross-border cases.It has been proved that COMI rules is scientific as well as reasonable during development in several years.Therefore,China should transplant the notion so as to file the blank in the legal system of cross-border insolvency.The first section of this article introduces how international society represented by European Union and USA indentifies the notion of COMI by analyzing the related elements of COMI,the presumption of COMI and the timing issues.The second section reveals several drawbacks of COMI,such as forum shopping and race to court.The third section illustrates the method to perfect the COMI and the remoldability of COMI.The final section suggests that Chinese should transplant the COMI rules and the analyzed its necessity and feasibility of.